That means there's a possibility (not a certainty by any means) that both sides may be looking to Buffett to testify in the case.

At issue: whether five executives, including General Re's former CFO Elizabeth Monrad, orchestrated a deal that illegally pumped up American International Group's reserves. General Re is a subsidiary of Buffett's Berkshire Hathaway holding company.

Gasparino quotes Monrad's attorney, Reid Weingarten, as saying Buffett's testimony might be helpful because the Omaha billionaire knew about the transaction at the heart of the case and didn't try to stop it. That would be portrayed as supporting Monrad's argument that there was nothing illegal about the deal.

According to Weingarten, "I'm sorting through how I want to deal with the Buffett thing ... but stayed tuned, it's an interesting story."

Jury selection is underway. Opening arguments are scheduled for January 7 in Hartford, Connecticut. If Buffett does indeed testify, we'll have all the details here on CNBC and CNBC.com's Warren Buffett Watch.